TaxTMI 
TaxTMI 
Constitution of National Financial Reporting Authority
X X X X Extracts X X X X
X X X X Extracts X X X X
.... laying down of accounting and auditing policies and standards for adoption by companies or class of companies or their auditors, as the case may be; (b) monitor and enforce the compliance with accounting standards and auditing standards in such manner as may be prescribed; (c) oversee the quality of service of the professions associated with ensuring compliance with such standards, and suggest measures required for improvement in quality of services and such other related matters as may be prescribed; and (d) perform such other functions relating to clauses (a), (b) and (c) as may be prescribed. (3) The National Financial Reporting Authority shall consist of a chairperson, who shall be a person of eminence and....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... suo moto or on a reference made to it by the Central Government, for such class of bodies corporate or persons, in such manner as may be prescribed into the matters of professional or other misconduct committed by any member or firm of chartered accountants, registered under the Chartered Accountants Act, 1949 (38 of 1949): Provided that no other institute or body shall initiate or continue any proceedings in such matters of misconduct where the National Financial Reporting Authority has initiated an investigation under this section; (b) have the same powers as are vested in a civil court under the Code of Civil Procedure, 1908 (5 of 1908), while trying a suit, in respect of the following matters, namely:- (i) di....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... section 22 of the Chartered Accountants Act, 1949 (38 of 1949). (5) Any person aggrieved by any order of the National Financial Reporting Authority issued under clause (c) of sub-section (4), may prefer an appeal before ^2[the Appellate Tribunal in such manner and on payment of such fee as may be prescribed.] (6) ^3[****] (7) ^3A[****] (8) ^3B[****] (9) ^3C[****] (10) The National Financial Reporting Authority shall meet at such times and places and shall observe such rules of procedure in regard to the transaction of business at its meetings in such manner as may be prescribed. (11) The Central Government may appoint a secretary and such other employees as it may consider necessary for the efficient performance of fun....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ment. ********* Effective date for constitution of National Financial Reporting Authority (NFRA) notified as 1.10.2018 vide Notification S.O. 5099(E). dated 1.10.2018 Effective date for sub-sections (2), (4), (5), (10), (13), (14) and (15) of section 132 notified as 24.10.2018 vide Notification No. S.O. 5385(E) dated 24-10-2018 *************** NOTES:- 1. Substituted vide Section 35 of the Companies (Amendment) Act, 2017 w.e.f. 09-02-2018 (Notified vide Notification No. S.O. 630(E) dated 09-02-2018) before it was read as, "ten lakh rupees" 2. Substituted vide Section 35 of the Companies (Amendment) Act, 2017 w.e.f. 09-02-2018 (Notified vid....
X X X X Extracts X X X X
X X X X Extracts X X X X
..... S.O. 630(E) dated 09-02-2018) before it was read as, "(8) The fee for filing the appeal shall be such as may be prescribed." 3C. Omitted vide Section 35 of the Companies (Amendment) Act, 2017 w.e.f. 09-02-2018 (Notified vide Notification No. S.O. 630(E) dated 09-02-2018) before it was read as, "(9) The officer authorised by the Appellate Authority shall prepare in such form and at such time as may be prescribed its annual report giving a full account of its activities and forward a copy thereof to the Central Government and the Central Government shall cause the annual report to be laid before each House of Parliament." 4. Inserted vide Section 20 of the Companies....